Market commentaries

WELLINGTON: New Zealand shares fell yesterday as investors cashed in on Tuesday’s strong rally and sold down property stocks.

The S&P/NZX 50 Index declined 93.37 points, or 0.9%, to 10,666.19. Within the index, 23 stocks fell, 20 rose, and seven were unchanged. Turnover was $178.8 million.

Harbour Assets portfolio manager Shane Solly said investors were redirecting profit from stronger performing stocks into those lagging behind.

‘‘We have a very strong recovery . . . and a lot of stocks have been left behind. So, it is logical that people are taking some profit and looking for opportunities,’’ he said.

One such opportunity was Investore Property’s $100 million capital raising, announced yesterday.

Kiwi Property Group declined 3.5% to 96.5 cents, Argosy Property fell 2.8% to $1.06 and Goodman Property Trust decreased 1.5% to $2.305. Property For Industry increased 0.5% to $2.18 and Precinct Properties New Zealand edged up 0.3% to $1.59.

Fisher & Paykel Healthcare led the market lower, declining 4.3% to $28.07. Mr Solly said investors were beginning to question whether the respirator manufacturer’s recent strong growth would continue.

A2 Milk Co fell 1.8% to $19.97. It noted chairman David Hearn had reluctantly sold down his stake in a2 to meet a tax obligation in the UK.

Restaurant Brands New Zealand fell 2.4% to $11.81, having advanced 4% yesterday when its stores reopened. Burger Fuel Group also declined.

Air New Zealand rose 4% to $1.305, Tourism Holdings increased 2.4% to $1.26 and SkyCity Entertainment Group rose 9.7% to $2.49, the day’s biggest gain.

The Australian sharemarket closed at an eightday high: the S&P/ASX200 benchmark index finished Wednesday up 80.3 points, or 1.51%, at 5393.4 points and the All Ordinaries index ended the day 82.6 points, or 1.53%, higher at 5463.8 points.

One Australian dollar was busying US65.34c. — BusinessDesk/AAP